Many of us focus on boosting our health and wellbeing in a new year – but that extends beyond our physical and mental health. It’s also the perfect time to review our financial health too.
The festive season is expensive, that’s no secret to any of us, with food, gifts and events stacked up on top of increased household bills due to the cold weather.
Our partners at PayPlan – one of the UK’s largest free debt advice providers – have therefore shared some ideas below to help you improve your budgeting, as well as some shopping tips to prevent you overspending in the January sales:
Create a budget
Sit down and work out what you’re spending your monthly income on, you might be surprised when you work out exactly where it’s going. It can be a great opportunity to cancel subscriptions that you’re not using or review your energy provider to see if you can get a better deal.
Our free budget planner is available here. Try to build in a buffer when you work out your budget to plan for the unexpected.
Check you’re not missing out on any benefits
It’s important to check you’re not missing out on benefits you may be entitled to. Whether you’re already receiving benefits, unsure of your eligibility, or have previously been told you don’t qualify, it’s worth taking a moment to use a benefits calculator. It’s quick, confidential, free, and takes less than ten minutes.
Review your household costs
You can use comparison sites to find the best deals for bills, such as your gas and electric or broadband deals – some offer vouchers or discounts for you to switch to.
Try to ensure you don’t let policies auto-renew, such as broadband and home insurance, as they may auto-renew at a higher price than you’re already paying, and you may be able to get a better price elsewhere.
Try and complete a savings challenge
The no-spend challenge can be an ideal way to devote a month or two to cutting back on spending. The idea is that, during the timeframe you choose, you commit to spending money only on necessities like groceries, bills, and toiletries. Then, you cut out any non-essentials such as streaming services or days out.
This can be an ideal way to get back on track after overspending over Christmas and you may review your spending habits along the way by seeing how much you could be cutting back on going forward.
After the no-spend period, you can use your leftovers to pay off debts or put them into your savings account.
Another great idea to try is the £1 challenge, if you can, put £1 aside each day and by the end of 2025 you’ll have £365 in your pot.
Tackle your debt
If you’re struggling with debt, get some help in 2025. Carrying the burden of debt can weigh you down and it can be overwhelming to know where to start. The good news is, PayPlan is there to help…
If you are struggling to repay debts and feel like you need some support, you can also call PayPlan on 0800 072 1206, they’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.
Alternatively, you can visit www.payplan.com/the-fire-fighters-charity to speak to them via live chat or for more information.
Shopping tips to prevent overspending
Your inbox may already be full of January sale deals, promising unbeatable discounts and deals you just don’t want to miss. It can be the perfect time to pick up items you’ve had your eye on or even stock up on essentials. However, it can be very easy to overspend and find yourself in a sticky situation of owing money you hadn’t planned for.
We’ve put together a few smart shopping tips to help you take advantage of the sales whilst keeping your financial situation in mind:
- Set a budget and stick to it
- Make a shopping list before you start
- Compare prices with other sites
- Pick up off-season bargains
- Avoid using credit
- Don’t worry about missing out – and consider if you really need it!
- Plan for ‘Big-Ticket’ items such as furniture or items you’ve needed for a while, the January Sales are a great time for these
- Check return policies – always know if you can return items, and how.
Support available through Fire Fighters Charity
We have online courses available for you to try, ranging from shorter Bitesize courses, to longer, in-depth six-week ones. You can explore those here.
Our Welfare Team are also available to help offer advice, guidance, signposting and support. If you feel you’d benefit from our help, you can call our Support Line on 0800 3898820.